Graduated summa cum laude from the Wharton School of Business at the University of Pennsylvania with a degree in economics in 2004. Has an older brother, Donald Trump Jr. & younger brother, Eric Trump and two younger half-siblings; Tiffany Trump and Barron Trump.
Records for tax deductions taken. Length of time to keep, and why:Seven years. 1  The IRS has three years from your filing date to audit your return if it suspects good-faith errors.  The three-year deadline also applies if you discover a mistake in your return and decide to file an amended return to claim a refund.
Ask The Experts: How Long Should Tax Records Be Kept? December 13, 2010 (The Sacramento Bee) How long tax records should be kept and the amount of taxes owed on pension and Social Security income are issues addressed by IRS expert Jesse Weller. QUESTION: How long does the IRS require taxpayers to keep tax records? I hear it ranges from three to 10 years.